Big Year For Cryptocurrencies As Ethereum Hits $1000 For First Time

07/01/2018

Still, though Ripple needs a lot of stars to align to become a major currency player used by big banks, one analyst writes for Medium that he expects the company to keep doing well, since "this is crypto, and everyone in the industry is now slinging crack crypto cocaine to retail addicts".

Ethereum, for the first time, hits $1,000 on Thursday, while investors looked at alternative currencies such as ripple, ethereum and litecoin. Ripple is now already the second-largest cryptocurrency by market capitalization, at $140 billion - still some way behind bitcoin's $250 billion, but closing in fast. XRP went from less than a cent at the start of the year to around $2.80 near the end of 2017.

Of course, Ripple is far from the only other cryptocurrency out there. Our mission is to be the most trusted and easy-to-use digital currency exchange.

How is Ripple different to bitcoin? Bitcoin transactions can now take up to an hour to complete. Forbesreports that Larsen personally owns 5.19 billion XRP and if we translate that value to dollar equivalent we get a whopping $55.8 billion making him the eighth-wealthiest person in the world - at least on paper. Of that number, 61% is held by Ripple Labs. By comparison, Bitcoin has only risen 1,506 percent in the previous year.

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A spokesperson for Ripple declined to comment, saying the company "can't comment on rumor or speculation".

Will Ripple continue to increase in value?

From highs above $3.60, the latest milestone in what has become the biggest-ever annual appreciation for a major cryptocurrency of around 35,000%, the platform's XRP token swiftly fell by nearly a fifth following the news. In the last few weeks, for cross-border payments, according to the company.

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